T. Rowes Assets Climb

T. Rowe Price Groupfinished the third quarter up with about $574.4 billion in assets under management, marking a $32.7 billion increase over the period.

As of Sept. 30, T. Rowe Price explained that the third quarter garnered a $28.4 billion in assets under management thanks to supporting market appreciation and income. Net revenues for the period included about $769.7 million and net income was $247.3 million, the firm said Oct. 24.

Furthermore, the 75-year-old institution diversified its management with just about $342.9 billion going into mutual funds, nearly $86.1 billion in target-date retirement accounts, and roughly $231.5 billion in other managed investment portfolios.

James Kennedy,T. Rowes CEO and president, disclosed that equity markets rose during the third quarter sparked by a wave of central bank actions and strong corporate earnings growth. Also, bond markets also posted solid gains amid demand for lower-risk assets, he said.

The resulting market appreciation, combined with healthy net inflows, boosted the firms ending and quarterly average assets under management to record highs for a quarter-end period, Kennedy stated Oct. 24.

At the close of June, the firm reported about $541.7 billion in assets under management, the statement listed.

Recently, the Teachers' Retirement System of the State of Illinois, according to IMMPs Leads Database, granted the firm a more than $137.7 million equity account in February.